Two Houstonians were elected to the Baylor University Board of Regents Friday, capping a two-day meeting that also included approval of a $403.3 million budget.

Jeffrey D. Reeter, managing partner of the Texas financial group of Northwestern Mutual Financial Network, and William K. Robbins Jr., chairman and CEO of North American Corp., will serve three-year terms on the board, which is expanding to 22 members.

The budget includes an additional $17.4 million for scholarships and stipends for graduate assistants — a 16 percent increase over this year. It also includes money for 41 new full-time faculty positions, along with money for merit raises for faculty and staff.